Chargeable interest defined: credit institutions' interest excludes interbank loans; bad debt interest recognised on crediting or receipt. Chargeable interest of a credit institution is the total interest accruing or arising in the previous year, excluding interest on loans and advances to other credit institutions or cooperative banking societies. Interest relating to bad or doubtful debts is deemed to accrue in the year it is credited to the institution's profit and loss account or actually received, whichever is earlier.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Chargeable interest defined: credit institutions' interest excludes interbank loans; bad debt interest recognised on crediting or receipt.
Chargeable interest of a credit institution is the total interest accruing or arising in the previous year, excluding interest on loans and advances to other credit institutions or cooperative banking societies. Interest relating to bad or doubtful debts is deemed to accrue in the year it is credited to the institution's profit and loss account or actually received, whichever is earlier.
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